US & China Agree Trade War Truce
Global News

US & China Agree Trade War Truce

President Trump and President Xi cease levies as markets react

The USA and China have agreed to halt the ongoing back and forth of levies and taxes on each other in order to halt the ongoing trade war and allow for discussions.

The decision for a 90-day ceasefire was made at a post-G20 summit meeting in Buenos Aires, Argentine.

According to reports, President of the USA Donald Trump agreed not to boost tariffs on $200 billion worth of Chinese goods from 10% to 25% on 1 January, 2019.

In response, China has committed to buying a "very substantial" amount of agricultural, industrial and energy products.

Meanwhile, Beijing says the two sides agreed to open up their markets.

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After almost a year of all out trade war, the shipping sector has suffered and global names in shipping, logistics, finance and economics have called for an end to the hostilities.

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The meeting of President Trump and President Xi of China in Argentina is the first meeting between the two premieres since the trade war began.

During the upcoming 90 days, it is expected that the two superpowers will come to an agreement and find an end to the trade war fracas.

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